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Sunday, October 08, 2006

Five Simple Ways of Creating Passive Income

In my attempt to get out of debt, I am trying to create passive income. Blogging is one way to achieve that, but there are others that I am experimenting with. Besides affiliate marketing and Google adsense, there are several sites that contribute to my passive income.

Here are a few sites and a summary of how they work. For a more thorough explanation, visit the links on the sidebar.
1. Helium Knowledge is a site where people ask questions and write answers. It is similar to the Yahoo Answers, except here everyone that participates earns money. The system is set up so that everytime you answer a question, you have to read and rate all the other answers. Each time this occurs, the author of the answer earns money. Once you reach the $25.00 threshhold, you get paid by paypal. You answer the questions once and will earn money everytime they are read by others! The more high paying answers you question, the more money they earn for you in the future.
2. MyLot is similar to the site above. The difference is you can earn money three different ways. At this site, you get paid to start discussions. You ask questions and you earn money everytime someone answers it. You can also earn by answering others questions. The third way of earning passive income is by referring others. MyLot makes payments by paypal after you reach the $10.00 threshhold.
3. FusionCash is a site that pays you to sign up for services and products. You can also earn money by referring others.
4. Hits4pay is a site that pays you to read ads on categories that you choose. You earn money for the email you read, as well as those read by your referrals.
5. WiseOrb pays you for your daily searches. Just put the URL they provide as your homepage and earn everytime you do a search. Earn residual income by submitting content and by referring others.

Here is why and how this post came about. My sons have their own bank accounts. Every month they are thrilled to see how much money they have earned in interest. Since they only have a few hundred dollars, they don't earn much. I check the amount of money I make at these sites daily. They realized that I earn more passive income at these sites, than the interest the bank pays. They asked me if I had shared this at this blog. I replied I thought it was pretty basic knowledge. They asked me to share it anyway. So, this is a post brought to you by the request of The Entrepreneur and The Comedian. I hope it is helpful, useful and beneficial for you.